企業內部資源與經驗對轉投資佈局之影響

Abstract

本研究主要以母公司的角度探討企業內部條件對於新創事業佈局之影響。本研究將以新創事業投資組合之多樣性來剖析其投資組合的變化。藉由觀察投資組合多樣性我們可以得知新創事業佈局在不同種類投資領域的變化。此外，本研究不僅探討了資源對於新創事業的影響，也加入了過去學者較少注重到的母公司經驗，同時探討這兩大內部條件對於新創事業投資組合多樣性的影響。 本研究採用台灣上市的電子產業公司為研究對象，觀察期間為2008及2009兩年度，並以Panel Data迴歸分析為研究方法，自變數項為母公司的本業績效、母公司的投資成功經驗；技術資源投入比例與行銷資源投入比例。經由實證，我們發現母公司的投資成功經驗與技術資源投入比例對於新創事業投資組合的多樣性有正向之影響；而母公司的本業績效與行銷資源投入比例對於新創事業投資組合多樣性並沒有顯著性的影響。最後，依據上述之實證研究結果提出結論，提供具體的建議以供後續研究者做為參考。

The purpose of this study is to investigate how internal competence of parent company influences the strategies of corporate venture investments (CVIs). This study uses the diversity of corporate venturing portfolio to examine the configuration of CVI portfolio. This study simultaneously explores how the experience of parent company and resource influence the diversity of corporate venturing portfolio. This study chooses the technology-based companies listed in Taiwan Stock Exchange Market (TSEM) as our research sample and each company is observed for two years. The empirical results strongly support that the successful experiences of parent company in CVIs and technological resource are positively influence on the CVIs portfolio diversity. On the other hand, ROE and market resource of parent company are not significantly associated with the diversity of corporate venturing portfolio. Ultimately, we proposed some conclusions and suggest future research arena.